As a high net worth or ultra-high net worth individual in Pittsburgh, maintaining and growing your generational wealth is essential. This can prove to be a difficult task, as large investment portfolios typically need specialized management. But who do you turn to when you’re looking for investment advice or wealth management in Pittsburgh? Whether you’re looking for analysis on stocks, bonds, alternative assets, and mutual funds, or you want someone to help you build a financial plan or manage your complete investment portfolio, a wealth manager is usually the best fit for the job. This is especially true if you have a large investment portfolio. This article will examine what a wealth manager is and help you understand why they are the best type of financial advisors. You’ll also learn how to select the best wealth manager in Pittsburgh to suit your personal financial situation. If you are an affluent investor with an investment portfolio of $10 million or more, check out this guide prepared by Pillar Wealth Management LLC.
The article was prepared by Pillar Wealth Management LLC, a wealth advisory firm that caters to high net worth individuals with $5 million to $500 million in liquid assets. If you need assistance in preparing a financial plan for your investment portfolio, you can schedule a free consultation call with the co-founders of Pillar Wealth Management LLC, Chris Snyder, and Hutch Ashoo.
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Wealth Management Estate Planning
As a high-net-worth or ultra-high net worth individual, you likely own a lot of assets that need to be managed appropriately. This is where wealth management and estate planning comes in. For your financial and Investment goals to be achieved, your estate and wealth need to be managed in a professional manner in order to provide the generational wealth you want to continue.
No matter your goals or what stage of life you are, proper wealth management should ensure that your goals are achieved, and your investment portfolio can be protected and increase in value long-term. If you’re wondering why you might need wealth management and estate planning services in Pittsburgh, here are a few reasons:
It is Easier
Hiring a wealth manager makes the job of protecting your estate and increasing your wealth that much easier. As a wealthy individual, your financial needs can be complex, and you would require different services from an average person. Managingyour wealth effectively would require skill in multiple fiscal management fields such as tax and estate planning, investing, etc. Handling your wealthpersonally likely requires that you are knowledgeable and skilled in all these fields. Unfortunately, you would need to spend a lot of time, effort, and resources to gain the required skill level to manage your wealth. It is easier and saves likely hundreds of hours at least to hire a skilled professional in all these fields rather than managing your portfolio by yourself. You can schedule a free consultation call with the co-founders of Pillar Wealth Management LLC, Chris Snyder, and Hutch Ashoo, to help you figure how best to protect your estate and manage your investment portfolio.
It is safer
When it comes to protecting your estate in Pittsburgh, the help of a wealth manager is indispensable. There are many rules and laws that you would likely need to know and abide by as a high-net-worth or ultra-high-net-worth individual with $5 million to $500 million in liquid assets. Unfortunately, you might not know all these laws, and unwittingly break them, which can put you in legal trouble. This is why you need professional estate planningservices. Financial professionals, especially wealth advisors, have the training and experience to help you protect your wealth and stay on the right side of the law. For example, if you are not knowledgeable about estate planning, you might make mistakes when managing your estate, and become guilty of tax fraud or evasion, albeit unknowingly.
If you employ the services of a good wealth manager in Pittsburgh, you should be safe from such situations. So, employing professional financial services makes your finances and investments portfolio safer. Suppose you would like more information about protecting your wealth and your investment portfolio. In that case, you should get the free hardcover book from Pillar Wealth Management LLC titled The Art of Protecting Ultra-High Net Worth Portfolios and Estates: Strategies for Families Worth $25 Million to $500 Million today! We specially created this guide for you, the high-net-worth individual with $5 million to $500 million in liquid assets.
Estate Planning and Risk Management- Wealth Management Pittsburgh
Part of the many things that are needed to protect your estate and investments is a good understanding of risk management. Risk management is identifying, analyzing, accepting, and trying to mitigate uncertainty in investment decisions. It occurs when an investor or wealth manager attempts to quantify the potential loss that can be made on investment and then take the appropriate action based on their investment objectives and risk tolerance. While we naturally think of risk in a negative light, it is a necessary part of the investment cycle and can be defined as a deviation from an expected outcome. The idea is that to achieve higher returns, you have to take on more risk.
As a high net worth individual in Pittsburgh, with assets worth $5 million to $500 million, it is important that you understand how your wealth manager plans to manage risk. This is because inadequate risk management can have serious consequences. But when risk management is done properly, it can be advantageous for your investment portfolio. To know more about how to grow your portfolio, get our free resource 5 Critical Shifts For Maximizing Portfolio Growth Strategies For Families Worth $5 million to $500 million. This guide will show you the shifts that your investment portfolio must go through to grow.
Low-Cost Pittsburgh Investment Management
Now that you know why estate management and wealth management in Pittsburgh is vital, let’s take a look at some of the low-cost investment options available to you as a high net worth resident of Pittsburgh.
Apart from managing your wealth and estate personally, which we know is not a good idea for affluent clients, your first option is to work with a financial planner. A financial planner’s key duty is to work with you to develop a comprehensive plan that has the potential to achieve your investment goals. As with all things, a plan is vital for success. And this is where a financial planner shines. Your Pittsburgh financial planner will consider all your investment goals and build a comprehensive financial and investment plan. This plan will guide how you save, invest, and spend for apredetermined period.
Having a financial plan is a good first step, but you’ll face several issues if you choose to work only as a financial planner in Pittsburgh. First, financial planners tend to give advice suited to only the middle class. They might not know about specific investments and securities that you may need as a high net worth individual.
Secondly, most financial planners cannot purchase the investments that your financial plan dictates that you need. Instead, you will have to work with a stockbroker or another financial professional to purchase the stocks, bonds, and other securities outlined in your plan. For more information on how to properly manage your portfolio, you can schedule a free conversation with the co-founders of Pillar Wealth Management LLC, Hutch Ashoo and Chris Snyder.
Stock or investment brokers are another type of financial professional that can help with wealth management in Pittsburgh. Stockbrokers are financial professionals that manage investment portfolios for their clients. They’reknowledgeable about the investments that will help achieve your investment goals, both in the short and long-term.
At a minimum, you’ll need the services of both a financial planner and an investment broker to implement your investment plans and achieve your goals. This combination can help your financial plan and create an investment portfolio that will follow that plan’s guidelines. If you are looking to improve your portfolio performance, the team at Pillar Wealth Management, LLC., created this resource for affluent clients, titled Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity. It is an excellent resource for those who would like to learn what other multi-millionaires are currently doing to grow and maintain their wealth.
However, there is an inherent risk when you use more than one financial professional to manage your considerable wealth. You will have to go the extra mile to findprofessionals that you work well with, work well together, and still handle a largeinvestment portfolio. If you cannot find professionals who work well with you and work well together, the whole team can break down.
The final option for managing your wealth in Pittsburgh is a wealth manager. Wealthadvisors are professionals that specialize in managing wealth for high net worthand ultra-high net worth individuals. A good wealth advisor will function as both a financial planner and an investment broker and provide even more financialservices as may be applicable. If you want more information on how toselect the best financial advisor for your considerable investment portfolio, get ourguide, The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets.
The major reason why wealth managers are suited for managing the considerable investment portfolios of affluent clients is that they are bound by fiduciary duty. Fiduciary duty means that your wealth manager is bound by law to provide financial and investment advice that is in your best interest. This is a significant advantage that wealth managers have over investment brokers.
Investment brokers can be paid on commission, which means that they get paid a percentage every time you buy or sell a security through them. For example, if you want to invest in your retirement. And you explain to your stockbroker that you would like to know about assets that can help you grow your investment fund. If you have the best investment broker, they will provide you with the best investment that will help you achieve your goal and earn a commission on the purchase.
But what if another investment provides your stockbroker with more commission but is not the best investment for you? Unfortunately, there is nothing that stops your investment broker from recommending this to you. If the investment submitted to you fits your needs even on a broad scale, they are free to sell it to you. While we hope that your investment broker will be honest enough to suggest the best possible financial products, you can never be completely sure.
This is not the case with a wealth manager in Pittsburgh, as they are bound by law to provide you with the best investment advice within the limit of their ability. You can expect your Pittsburgh-based wealth manager to give you the best possible investment advice to meet your goals. As a high net worth individual with an investment portfolio of $10 million or more, you probably have questions about how to diversify your investment portfolio or protect your portfolio in terms of market uncertainty. You can always schedule a free non-obligatory consultation with the co-founders of Pillar Wealth Management, Chris Snyder, and Hutch Ashoo.
Fee-Only Pittsburgh Financial Planning Services
When it comes to finding a top financial advisor firm in Pittsburgh, you can do a quick Google search for “Wealth managers near me,” but that alone will not help you select the best possible wealth advisor. In your choice of a financial adviser, you must select an advisor that is uniquely suited to meet your personal financial goals.
If you need help to decide who the best match for your unique situation is or a wealth management firm with over 30 years of financial management experience to help manage your considerable assets, consider working with Pillar Wealth Management, LLC. Our co-founders, Hutch Ashoo and Chris Snyder, offer no-obligation consultations for affluent individuals who need wealth management services. Schedule your consultation with our wealth management company today.
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